HERSH VARDHAN KSHETRY,NOIDA vs. ACIT, CIRCLE INT. TAX. 2(1)(2), NEW DELHI

In the result, the appeal of the assesses in ITA 1876/Del/2023, ITA

Bench: Sh. C.N. Prasad & Sh. Naveen Chandraassessment Year: 2016-17

short-term sale capital gain on sale of depreciable assets, as long-term capital gain on sale of shares. 6. The Ld. AO passed

ASSISTANT COMMISSIONER OF INCOME TAX, DELHI vs. VIREET INVESTMENTS PRIVATE LIMITED, DELHI

In the result, the appeal filed by the revenue is partly allowed

Bench: Shri S.Rifaur Rahman & Shri Sudhir Kumaracit, Circle 17 (1) Vs. Vireet Investments Pvt. Ltd., Delhi. 21D, Friends Colony West, New Delhi – 110 065. (Pan : Aaacv2033M) (Appellant) (Respondent) Assessee By : Shri Manish Jain, Ca Revenue By : Ms. Sapna Bhatia, Cit Dr Date Of Hearing : 04.09.2024 Date Of Order : 06.11.2024 Order Per S.Rifaur Rahman,Am: 1. The Appeal Has Been Filed By The Assessee Against The Order Of The Learned Commissioner Of Income Tax (Appeals), Delhi/National Faceless Appeal Centre (Nfac) [“Ld. Cit(A)”, For Short] Dated 28.12.2023 For The Assessment Year 2004-05. 2. Brief Facts Of The Case Are, Assessee Filed Its Return Of Income For Assessment Year 2004-05 On 31.10.2004 Declaring Income Of Rs.34,80,69,911/-. The Same Was Processed Under Section 143 (1) Of The 2 Income-Tax Act, 1961 (For Short ‘The Act’) On 28.12.2004. The Case Was Selected For Scrutiny & Notices U/S 143(2) & 142(1) Of The Act Were Issued & Served On The Assessee. In Response, Ld. Ar For The Assessee Attended From Time To Time & Submitted Relevant Information As Called For. 3. The Assessee Was Incorporated On 03.10.1983 With The Main Objects, As Per Memorandum Of Association, To Acquire & Hold Shares, Stocks, Debentures, Debenture Stocks, Bonds, Obligations & Securities Issued Or Guaranteed By Any Company Constituted Or Carried On Business In The Republic Of India. After Considering The Submissions Of The Assessee, The Assessing Officer Proceeded To Make The Following Additions In The Assessment Completed U/S 143 (3) Of The Act :-

Short term Capital Gain treated as Rs. 16,14,264/- business income 2. Disallowance of Capital loss on transfer Rs. 40,60,000/- 73 of shares of PDK Shenaj Hotels Pvt. Ltd 3. Disallowance of all Expenses debited to Rs. 86,04,017/- 58 profit and loss account 4. Disallowance of Donation paid

JAGAT PAL GUPTA,DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the Assessee in ITA No

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S.

short term capital gain of Rs 5868776/- has been taxed @ flat 30%. The Assessee filed an application for rectification u/s 154 as there were certain mistakes in the assessment order. The mistakes included non-adjustment of brought forward losses; non-adjustment of unabsorbed depreciation

JAGATPAL GUPTA,DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the Assessee in ITA No

Bench: Shri S. Rifaur Rahman & Shri Yogesh Kumar U.S.

short term capital gain of Rs 5868776/- has been taxed @ flat 30%. The Assessee filed an application for rectification u/s 154 as there were certain mistakes in the assessment order. The mistakes included non-adjustment of brought forward losses; non-adjustment of unabsorbed depreciation

SAIF PARTNERS INDIA IV LIMITED ,DELHI vs. ACIT INT. TAXATION-3(1)(2), DELHI

In the result, the appeal of the assessee in ITA No

Bench: Shri N.K. Billaiya & Shri Anubhav Sharma

short term capital loss of INR 17,94,89,735! However, the AO has not verified the veracity of such claim by calling for the basis of valuation of shares and verification thereof. It also disposed of shares of Manpasand Beverages Ltd with capital loss of 22,91,85,105. No verification what so ever in this regard was also

DCIT, CIRCLE-2(2), NEW DELHI vs. ANANT RAJ LTD., NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

short term capital gain taxable @ 30% was taxed as Long term capital gain @ 20% and excess depreciation was claimed. 9. The assessee

ANANT RAJ LTD.,NEW DELHI vs. DCIT, CIRCLE-2(2), NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

short term capital gain taxable @ 30% was taxed as Long term capital gain @ 20% and excess depreciation was claimed. 9. The assessee

DCIT, CIRCLE-2(2), NEW DELHI vs. ANANT RAJ LTD., NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

short term capital gain taxable @ 30% was taxed as Long term capital gain @ 20% and excess depreciation was claimed. 9. The assessee

NEELU ANALJIT SINGH,NEW DELHI vs. ADDL.CIT, SPECIAL RANGE-9, NEW DELHI

In the result, appeal filed by the assessee is partly allowed with above directions

Bench: Shri H. S. Sidhu & Shri Prashant Maharishimrs. Neelu Analjit Singh, Vs. The Addl. Commissioner Of 15, Dr. Apj Abdul Kalam Road, Income Tax , New Delhi Special Range-9, Pan: Aatps06882D New Delhi (Appellant) (Respondent)

short-term capital asset if it is held for not more than thirty-six months. However, in the case of share of an unlisted company or a unit of a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act, which is transferred during the period beginning on 1st April, 2014 and ending on 10th July

MR. SUNIL GOYAL,NOIDA vs. ITO, NEW DELHI

Appeal is disposed of in accordance with the aforesaid directions

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

short term and other is long term depending on the period of holding of a capital asset/share. 7. Therefore the order passed by the AO cannot be sustained/upheld. It is prayed accordingly. -summary of arguments filed vide letter dated 29-01 -2010 4. I have given a careful thought to the submissions and arguments made on behalf of the appellant

M/S. EASTMAN INDUSTRIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee is allowed for statistical purpose and that of Revenue is partly allowed for statistical purposes

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

gain on mutual funds of Rs.2,71,270/-, the assessee claimed total long term capital loss of Rs.38,58,662/- to be carried forward. The ld. Assessing Officer did not address this issue in the assessment order. The ld. CIT(A), however, keeping in view the fact that the assessee company was holding 49% of the shares of said company

M/S STYLISH CONSTRUCTION PVT. LTD. vs. DCIT, NEW DELHI

In the result, appeal of the assessee is partly allowed

Bench: Shri H. S. Sidhu & Shri Prashant Maharishistylish Construction Pvt. Ltd, Dcit, 1027, Top Floor, Ward No. 8, Circle-9(1), Vs. Mehra Chowk, Mehrauli New Delhi Pan: Aaics4664H (Appellant) (Respondent)

short term capital gain of Rs.7,41,563/-. It is also not in dispute that the shares of Rustom Mills and Industries Ltd. were pledged by the assessee with IDBI Bank. The original share certificates along with the transfer form duly signed by the assessee were in possession of the IDBI Bank. The assessee had also undertaken not to transfer

COMMISSIONER OF INCOME TAX vs. ANSAL PROPERTIES & INFRASTRUCTURE LTD

The appeals are disposed of

depreciation, short term capital gain would not be payable. However, if there is surplus, then short term capital gain would

COMMISSIONER OF INCOME TAX vs. ANSAL PROPERTIES & INFRASTRUCTURE LTD

The appeals are disposed of

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

depreciation, short term capital gain would not be payable. However, if there is surplus, then short term capital gain would

ITA Nos. 601/2011 & 602/2011 vs. ANSAL PROPERTIES & INFRASTRUCTURE LTD.

The appeals are disposed of

depreciation, short term capital gain would not be payable. However, if there is surplus, then short term capital gain would

CIT vs. ANSAL PROPERTIES & INFRASTRUCTURE LTD

The appeals are disposed of

depreciation, short term capital gain would not be payable. However, if there is surplus, then short term capital gain would

COMMISSIONER OF INCOME TAX vs. ECE INDUSTRIES LTD.

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SURESH KUMAR KAIT

capital gain on depreciable asset was to be treated as short term capital gain and required the assessee to quantify

Commissioner of Income Tax vs. ECE Industries Limited

capital gain on depreciable asset was to be treated as short term capital gain and required the assessee to quantify